Scalper1 News
The major market averages rallied sharply Friday following a strong Bureau of Labor Statistics jobs report. However, the rally came on lower volume. Leading stocks remain a mixed bag while the major averages continue their uptrends. Big social-networking names LinkedIn (LNKD) and Facebook (FB) both had mini-buyable gap-up moves at the open Friday as they both gapped above their 50-day moving averages. However, only LNKD held up on the day as FB reversed at its 50-day line on slightly heavier volume. LNKD was up on an analyst upgrade based on the belief that LNKD will soon be launching its services in China. LNKD remains a leader in its space, although it has been base-building for the past several months. It’s group rank is #4 while earnings and sales growth has remained strong. Leading technology stocks have been showing relatively more strength as of late, and FB could simply require more time to form the right side of a potential new base. In the meantime, we would need to see some constructive, bona fide buy points emerge along the lows of the base to help confirm that sufficiently to make the stock actionable on the long side. Other stocks that are holding tight sideways and/or trying to round out the lows of recent consolidations and which should be watched here for possible pocket pivots include Illumina (ILMN), Chicago Bridge & Iron (CBI), Harman Industries (HAR), Vipshops (VIPS), and Sinclair Broadcasting (SBGI). Should any of these stocks become actionable, we would expect to issue real-time reports as appropriate. Scalper1 News
Scalper1 News